Visual Lease 17.2 - Retail and FASB/IASB Accounting Enhancements

GENERAL ENHANCEMENTS

We continue to make enhancements that make your ability to clearly track and report upon critical data even easier.  These enhancements include:

  • Added a new field to track Asset Class to the Lease General tab.
  • Added a new Option Clause status of Lease Is Silent.

 

RETAIL ACCOUNTING ENHANCEMENTS

As demand for Visual Lease increases from retail companies our features also become more robust, we have added the following new retail specific features:

  • Created an entirely Percentage Rent formula screen with clearer organization and visualization of obligations.
  • New module allows Percent Rent obligations to be accrued prior to making cash payments, allowing accruals to be sent to a GL Feed.
  • Our new automated payments feature allows accruals or payments to be automatically swept from the Percent Rent module to create Financial Entries.
  • Percent Rent formulas can now specify multiple Financial Categories to be used in the computation of a Natural Breakpoint.
  • Percent Rent formulas can now indicate that sublease sales figures should be imported onto their parent leases, allowing aggregation of sales figures.
  • We added a Percent Rent formula import template.

 

FASB/IASB (GAAP/IFRS) ACCOUNTING ENHANCEMENTS

In our continuous response to the new accounting regulations, we have added the following new features:

  • Added ability to customize label of the FASB/IASB module.
  • Updated our ability to run amortization schedule for income leases.
  • Added a table to Administrator to track FASB Discount Rate with ability to distinguish by date, Organization, Country and Asset Class.
  • Added validation to warn a user when running FASB calculations using a non-standard discount rate.

 

REPORTING ENHANCEMENTS

To further simplify our reporting, we have added the following new features: 

  • Added a new option to ad hoc Excel Settings to allow Financial Entries with Increases to be output on multiple lines for each increase.
  • Enhanced the ad hoc report settings display to better indicate when financials are being output in local currency.
  • Updated Critical Dates standard report to fix error encountered with very long clause text.
  • Added Percent Rent data to ad hoc report - Additional Table Fields (when using the new Percent Rent module).

 

SECURITY ENHANCEMENTS

Security related enhancements in this release include: 

  • Support for Two-Factor Authentication that will provide an additional layer of security for accessing the system by requiring that users verify their identity with a one-time, dynamic passcode sent to them by email or SMS message.
  • IP Whitelisting allowing client Administrators to lock down access to Visual Lease from only pre-approved locations or machines.
  • Added new user level right that allows or disallows modification of the Send to AP Feed flag on financial records.

 

OTHER ENHANCEMENTS

Other important enhancements in this release include: 

  • Relaxed the locking on entries sent to the AP Feed to allow comments to be edited.
  • Added default value for Send to AP Feed as a configurable setting in Administrator.
  • Payee fields can now be made required fields.
  • Modified Allocations groups to Default FASB group is also treated as the allocation group to use for Deferred Rent when being output on a GL Feed.
  • Relaxed restrictions on which Region an Organization can list as its starting region.
  • Added Lease Save As checkboxes to Administrator to allow them to be defaulted at the system level.

Visual Lease 17.1 - SL Rent, FASB and General Tab Enhancements

 

GENERAL ENHANCEMENTS

We have added more custom fields and made enhancements that will make your ability to clearly track and report upon critical data even easier.  These enhancements include:

  • Our enhanced Associated Records section in the Lease Sidebar now shows more about how the current record relates to others in the system, making it easier for you to understand your lease's ecosystem.
  • General>Key Information has a new customizable tree field 
  • General>Dates has five new customizable date fields and one new text field  
  • General>Area has six new customizable text fields 
  • We have updated our Alert Type field to have clearer names, making it easier to determine the type of critical dates for which an alert is being set up.

 

FASB/IASB (GAAP/IFRS) ACCOUNTING ENHANCEMENTS

In our continuous response to the new accounting regulations, we have added the following new features:

  • Improved layout and workflow of the FASB/IASB screen based upon customer feedback.
  • Made the classification of Lease Payments, Initial Direct Costs, Tenant Improvements and End of Lease Obligations for use in the amortization schedules more explicit.
  • Eliminated the requirement to specify a Payee when setting up a FASB/IASB schedule.
  • Added new Admin default settings for reporting frequency (monthly or annual) and NPV calculation (beginning or end of period).
  • FASB calculations can now be included when you duplicate a lease record.
  • FASB/IASB Accounting data can now be viewed on the lease Financial Calendar and through financial reporting.

 

STRAIGHT-LINE RENT ENHANCEMENTS

To further simplify our user experience when dealing with the current accounting regulations, we have added the following new features: 

  • A new feature that allows you to automate the process of ending a SLR calculation as of a specified date.
  • You can now include a starting Deferred Rent balance when creating a calculation.
  • The Deferred Rent Running Balance is now part of the Details view, and includes any starting balances included in a calculation.
  • Calculations can now automatically terminate one or more existing calculations and transfer the deferred rent balance to the new calculation.
  • We have added a new button, ’Replace Calculation,’ for when you want to replace a previous calculation rather than add a new SLR calculation from scratch.  

 

OTHER ENHANCEMENTS

Other important enhancements in this release include: 

  • We added a new Financial Analysis report that features the grouping of financial data by Organization, Region, Financial Category and other fields.
  • We added the ability to include descriptive names when setting up GL Accounts in the Admin module, not just the GL number.
  • You can now search by Property fields when creating Saved Lease Filters.
  • We changed the selection of a Lease Filter from being a pop-up to being a drop-down to make it even faster to change Lease List views.
  • Updating bulk data is even easier because the General template can now include your current data when you download it.
  • We have added the PropertyID field to the bulk import template.

Visual Lease 16.2 - Enhanced Accounting

FASB/IASB MODULE ENHANCEMENTS

We have further enhanced our FASB/IASB capabilities to help our clients better model their lease portfolio and ensure accurate financial reporting.  Enhancements include:

 

  • The ability to dynamically change between Finance and Operating calculations on the fly.
  • Updated column layout for enhanced readability.
  • Enhanced help screen to fully explain each calculation in the FASB/IASB schedule.
  • Updated FASB/IASB reports.

 

ALLOCATIONS and G/L ENTRIES

We have improved how Visual Lease accommodates complex General Ledger scenarios in terms of both Allocations and directly making G/L adjustments, we have added the following new features:

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  • Using our new Allocation Groups, you can now charge individual expenses to specific business units as well as allocate those expenses according to how those business units occupy the premises.
  • Allocation Groups keep a full history of how expenses have been charged.
  • Financial entries can now have offsetting mirror entries to cover double-entry accounting requirements.

 

LEASE ENHANCEMENTS

In our continued response to customer requests, we have made a number of enhancements to our standard lease screens, including:

  • The State field is no longer required.
  • The Property ID on the Lease General screen is now a link to the referenced Lease ID.
  • The length of the Site Number and Building Number fields have been increased. 
  • You can now customize or hide every field in the Lease General – Dates section.
  • The Add Alerts page has been redesigned for improved performance and usability.
  • We have allowed for more flexibility on the Date Type used for Financial and Clause alerts.
  • The Export Grid function on both the Lease Documents and Project Documents pages now outputs Created by and Date and Last Modified by and Date.

 

OTHER ENHANCEMENTS

  • Ad Hoc reports will now allow private reports to be deleted by their owners even if the owner is not an Administrator.
  • The Import function now includes more of the Lease Information - Lease General fields.

Visual Lease 16.1 - FASB Module

New FASB Module

Visual Lease now supports the new FASB/IASB regulations by automating the calculations needed to support the new filling requirements.  This includes the calculations for the Right of Use and Liabilities that will go onto the Balance Sheet as well as the amortization of the expenses for the CashFlow Statement.

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Specific features include -

  • A new Lease Financials tab called "FASB/IASB" where you will find the data entry location for the 4-part Finance vs. Operating lease test as well as the complete cashflow amortization schedule. 
  • Determine if your lease is a Finance (Capital) or Operating Lease with the built-in in Calculator.
  • Define which Financial Entries you wish to include in your FASB/IASB amortizations.
  • Review all amortized schedules across the duration of your lease.
  • Track the Fair Market Value and Incremental Borrowing Rate at the time of lease commencement.
  • All FASB/IASB calculations are available as part of the ad hoc report generator.
  • Added the ability to export all FASB/IASB calculations as part of the VL:Connect (AP Feed).
  • Added a new FASB Standard Report and a FASB section to the Abstract Report.

 

Payments Module Enhancements

In order to enhance our capabilities to manage accounts and account balances for leases, and provide more flexibility for all the ways in which our customers user Visual Lease, we have enhanced the Lease Financials Payments screen.

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  • Added an Overdue Amount column when viewing payments by Outstanding Amount.
  • Enhanced the Payments Summary popup to allow authorized users to edit and delete payments.
  • Enhanced the Payments Import to allow payments to be imported for any date range.
  • Added a switch to turn off Unlinked Payments if desired.

 

Reporting Enhancements

  • Added a CAM/OpEx Rules Standard Report.
  • Enhanced Ad Hoc Reporting security to allow read-only users to save private reports.
  • Updated the Percent Rent Sales Report to better function as a Landlord Remittance Report.  This includes a new signature line and additional payee information.

 

Additional Enhancements

  • To improve security we have added password reuse limitations that will allow Administrators to specify how old a password needs to be before it can be reused.
  • Added the ability to copy Document References as part of the Save As Lease function.

Visual Lease 15.2.1 - Minor Release

 

Payment Module Enhancements

  • Users can now view Payments by either Type or Payee with a simple selection
  • A new summary popup shows exactly which payments were applied to which lease obligations allowing you to get a full understanding of the transaction more clearly
  • We have added more options for viewing the Running Balance

 

New Allocation Fields for Integration with Space Planning

  • We have added Allocation fields to track: Seats, Floorplan URL and Comments

 

Enhanced Contact Management Tools

  • Lease Parties and Associated Contacts have been consolidated for easier contact management
  • A new easy to use screen for adding and editing a contacts has been added
  • Enhanced contact searches allow you to find lease specific contact overrides
  • We now have a tool that simplifies merging duplicate contacts to help keep your data clean

 

Reporting Updates

  • Ad hoc reports can now include the new Space Allocation fields, including Total Seats 
  • The Abstract Report now allows financials to be output in the lease currency instead of forcing a conversion to a specified target currency
  • Ad hoc reports now allow reports to include greater than 4,000 columns
  • We updated the Standard Lease Payments report to allow reporting on the Current Month

 

Project Enhancements

  • The updated Project Milestones & Tasks page now allows filtering by task status
  • Deleting a Project Task now reorders Task Numbers automatically
  • Project Task Actual Dates are now editable when there are no predecessor tasks
  • Fixed an issue with downstream Project Task Statuses when dates are changed or tasks deleted 
  • We enhanced clarity for Project Task Status and Project Task Dates using popups 
  • Project Tasks no longer require a Reason when a Status Change is made by an Administrator for tasks that have no Responsible Parties assigned

 

Other Improvements

  • We have added a Load Filter button to Multiple Lease Update
  • Exercising an Option no longer overwrites the Original Commencement Date
  • Added an option to stop Alert Notification for Lease Options that have been exercised or declined
  • Added an option to limit Lease Options display on most screens to only upcoming Lease Options
  • Enhanced Lease Clause creation to support longer clause names
  • Enhanced Financial Entries to allow up to 6 decimal places when entering cost per rentable area

 

Visual Lease 15.2 - Supercharge your Project Management

Clearer Feature Names

  • Find Lease page has been renamed to “Lease List”
  • Saved Lease Searches have been renamed to “Lease Filters”
  • Portfolio reports have been renamed to “Ad Hoc Reports”
  • Find Portfolio page has been renamed to “Ad Hoc Report List”
  • Find Project page has been renamed to “Project List”

Project Management Enhancements

  • You can now specify dependencies between tasks for improved workflow
  • Tasks can now be marked as Completion tasks or Approval tasks for improved workflow
  • Tasks now include additional status options such as Overdue, Future, Approved and Rejected
  • Enhanced notification system sends emails to Responsible Parties whenever their tasks change status and can optionally send emails to the PM whenever tasks, notes or documents are changed on their project
  • Individual tasks can now have Documents uploaded to them, viewable through the task or through the Project Documents tab
  • Tasks can be configured to require that documents are uploaded before they can be Approved or Completed for improved workflow
  • Tasks can now have Notes entered on them, viewable through the task or through the Project Notes tab
  • Tasks are now secured so they can only be edited by PM and only updated by PM or Responsible Parties
  • Only the PM can change high level project details once the project is in an Active status
  • Projects can now only be created in Pending or Template status, until the PM starts the project and moves it to Active status
  • Task Original Planned dates are automatically set with the Planned Dates when the PM kicks off the project
  • Task Actual dates are automatically set when dependent tasks are completed
  • New Lease Tasks tab shows filtered list of any related project tasks

Financial Payment Tracking Enhancements

  • Payments can now be entered without being directly tied to a previously existing financial entry
  • Payments now track running balance back to a specified date in time, independent of the date range filter

Improved Password Management

  • Password length and strength are now configurable by the Administrator
  • Passwords can now be forced to be changed after X number of days by the Administrator
  • The change password screen now displays password strength to assist users in setting their passwords

Improved Mapping

  • New full screen lease map page allows one or more groups of leases (based upon Saved Filters) to be viewed at the same time
  • Administrators can now upload custom icons for each Saved Filter to be displayed on the lease map
  • Full screen lease map now allows map to be viewed in multiple sizes
  • Lease Dashboard map updated to include all functionality of the new full screen lease map
  • Users can now specify multiple groupings of leases (based upon Saved Filters) to be specified as their default through Account Settings
  • Lease maps now allow users to set their default map center and zoom level through Account Settings

Reporting Enhancements

  • Ad Hoc Report enhancements include additional Table Data Fields including Financial Entries, Increases and Transactions. Additionally, any financials in Ad Hoc Reports can now be filtered by whether they are applied to the AP Feed.
  • New Standard Reports including:
    • Payments Activity Report: Outputs a PDF summary of all financial transactions broken down by lease and vendor
    • Financials standard report shows a detailed list of Entries, Increases and/or Transactions for selected leases
  • Standard Report enhancements:
    • Financial Variance standard report now includes additional filters and options
    • Payments standard report updated to better match the layout of the updated Payments page
    • Invoice standard report updated to better match the information tracked by the updated Payments page
    • Project Notes standard report now optionally includes task notes

Administrator Enhancements

  • New Users now automatically have a contact record created in the Contacts module
  • Multi-database Administrators can now copy users from one of their databases to additional databases that they have Administrator rights to
  • New Payments Running Balance Date field can now be specified at the database level through Administrator

Additional Enhancements

  • Account Settings Enhancements:
    • Users can now use Account Settings to specify which screen should be the landing page when logging in to Visual Lease
    • Users can use Account Settings to specify a Lease Financial sub-tab as a default when navigating to lease financials on any lease record
  • Lease List (previously Lease Find) now allows leases to be opened in a popup or separate browser tab, to prevent the user from losing the Lease List they are using while examining individual leases
  • New optional warning will trigger when a lease with a future expiration date is marked as Expired, to prevent erroneous or pre-mature lease status updates
  • Lease General screen now optionally displays the parent organization(s) for that lease
  • Added better tracking of “Lease Created By” and “Last Modified By” fields, and made these fields available on Ad Hoc Reports
  • Added a new Clause Type called “Single Select Checklist,” allowing you to build a clause with a checklist requiring that you choose only one of the options
  • Lease Alerts enhancements:
    • Lease Alerts setup to be sent on a specific date (rather than a date interval) no longer shows that date as a critical date, as they are not based on a critical date
    • Lease Alerts can now optionally include the database name in the email subject
  • Lease General Import template now includes Site Number and Building Number fields

 

Visual Lease 15.1 – Manage Your OpEx and CAM

Key New Modules, Features and Enhancements

CAM / OpEx Module

This all-new, optional module will revolutionize the way you manage your OpEx and CAM changes and reconciliations:

  • Quickly identify anomalous CAM, Operating Expense and other pass-through charges
  • See potential savings to be realized by challenging questionable charges
  • Flag problem bills for further review or audit
  • Easily upload copies of bills and statements as you work on them
  • Create payment entries directly from your statements
  • Standardize expenses structures and reporting across your entire portfolio, regardless of landlords’ varying expense structures and definitions
  • New Expense Analysis report shows month-over-month breakdown of any expense category listed on statements
  • New Standard Report shows the full picture of your statements, payments, rule violations and computed variance across your entire portfolio

New and Updated Lease Fields

  • New fields have been added for County, Floor and Suite
  • Two new user-definable fields are available in each of the Key Information, Location, Dates and Area sections on the Lease General tab
  • New Key Information Comments, Location Comments, Dates Comments and Area Comments fields on the Lease General tab
  • The Lease Description field now can hold an unlimited amount of text
  • Added four new Payee fields to hold Corp #, Site #, Payment Type and Bank Code
  • Extended Payee Vendor Number to hold 100 characters

New and Enhanced Reporting

  • New Financial Variance Report
  • New Invoice Report that generates invoices for upcoming and overdue receivables
  • Updated Ad-Hoc reports to allow Internet Explorer 11 users to be alerted when unsaved changes would be lost by leaving the page
  • New ability to suppress column headers on Ad-Hoc reports

Security Enhancements

  • Users can now be given the ability to run the Accounts Payable Feed without being able to edit other information in the system
  • Users can be given the ability to record payments without being given the ability to update other financial information
  • Administrators can now set other users’ Account Settings
  • Administrators can now restrict which Standard Reports are available to other users
  • Administrators can now lock the Abstract Report content of other users

Enhanced Financial Payments Tracking

  • Added Running Totals to the Payments page and Payments Report
  • Update sorting of Payments to better show month-by-month groupings

New Import Template for Options

  • Added a dedicated import template for lease options